Back
5 Mar 2014
Barroso announces EC package of financial support for the Ukraine
FXStreet (Barcelona) - The European Commission has agreed a financial support package to assist the Ukraine.
Speaking today, the European Commission president José Manuel Barroso said that: "The most immediate priority for the EU is to contribute to a peaceful solution to the current crisis, in full respect of international law"
Barroso added: "In parallel, the international community should mobilise to help Ukraine stabilise its economic and financial situation. The European Commission is proposing today a package designed to assist a committed, inclusive and reforms oriented Government in rebuilding a stable and prosperous future for Ukraine. What we propose could bring overall support of at least EUR11 billion over the next couple of years from the EU budget and EU-based international financial institutions."
Key elements of the package agreed today:
• EUR3 billion from the EU budget in the coming years, EUR1.6 billion in macro financial assistance loans (MFA) and an assistance package of grants of EUR1.4 billion;
• Up to EUR8 billion from the European Investment Bank and the European Bank for Reconstruction and Development;
• Potential EUR3.5 billion leveraged through the Neighbourhood Investment Facility;
• Setting up of a donor coordination platform;
• Provisional application of the Deep and Comprehensive Free Trade Area when Association Agreement is signed and, if need be, by autonomous frontloading of trade measures;
• Organisation of a High Level Investment Forum/Task Force;
• Modernisation of the Ukraine Gas Transit System and work on reverse flows, notably via Slovakia;
• Acceleration of Visa Liberalisation Action Plan within the established framework; Offer of a Mobility Partnership;
• Technical assistance on a number of areas from constitutional to judicial reform and preparation of elections.
Speaking today, the European Commission president José Manuel Barroso said that: "The most immediate priority for the EU is to contribute to a peaceful solution to the current crisis, in full respect of international law"
Barroso added: "In parallel, the international community should mobilise to help Ukraine stabilise its economic and financial situation. The European Commission is proposing today a package designed to assist a committed, inclusive and reforms oriented Government in rebuilding a stable and prosperous future for Ukraine. What we propose could bring overall support of at least EUR11 billion over the next couple of years from the EU budget and EU-based international financial institutions."
Key elements of the package agreed today:
• EUR3 billion from the EU budget in the coming years, EUR1.6 billion in macro financial assistance loans (MFA) and an assistance package of grants of EUR1.4 billion;
• Up to EUR8 billion from the European Investment Bank and the European Bank for Reconstruction and Development;
• Potential EUR3.5 billion leveraged through the Neighbourhood Investment Facility;
• Setting up of a donor coordination platform;
• Provisional application of the Deep and Comprehensive Free Trade Area when Association Agreement is signed and, if need be, by autonomous frontloading of trade measures;
• Organisation of a High Level Investment Forum/Task Force;
• Modernisation of the Ukraine Gas Transit System and work on reverse flows, notably via Slovakia;
• Acceleration of Visa Liberalisation Action Plan within the established framework; Offer of a Mobility Partnership;
• Technical assistance on a number of areas from constitutional to judicial reform and preparation of elections.